VALERIE H. ARMSTRONG
ACTING CHAIR
FRANK J. DODD
JAMES R. HURLEY
W. DAVID WATERS
E. KENNETH BURDGE
COMMISSIONERS
(609) 530-4901
of Hern Sferaey
CASINO CONTROL COMMISSION
PRINCETON PIKE OFFICE PARK, BUILDING NO. S
CN-208
TRENTON, NEW JERSEY 0862S
609-530-4900
August 13, 1990
ATLANTIC CITY OFFICES
TENNESSEE AVENUE AND BOARDWALK
AFFIRMATIVE ACTION
AND PLANNING DIVISION
609-441 -3203
LICENSE DIVISION 609-441-3200
1300 ATLANTIC AVENUE
609-441-3619 AUDIT
609-441-3601 CASINO ACCOUNTING
AND OPERATIONS
609-441-3201 INSPECTION
TO: VALERIE H. ARMSTRONG - ACTING CHAIR
FRANK J. DODD - COMMISSIONER
JAMES R. HURLEY - COMMISSIONER
W. DAVID WATERS - COMMISSIONER
E. KENNETH BURDGE - COMMISSIONER
FROM: DEBORAH M. ALGOR - MANAGER /)
FINANCIAL EVALUATION UNIT ^
RE: PETITION NO. 211003 OF TRUMP PLAZA ASSOCIATES, TRUMP'S CASTLE
ASSOCIATES, L.P. , TRUMP TAJ MAHAL ASSOCIATES, L.P., AND TRUMP HOTEL
MANAGEMENT CORPORATION
On July 30, 1990, Trump Plaza Associates ("Plaza"), Trump's Castle
Associates, L.P. ("Castle"), Trump Taj Mahal Associates, L.P. ("Taj Mahal"),
and Trump Hotel Management Corporation ("Hotel Corp.") filed Petition No.
211003 seeking approval of, among other things, a transfer to banking
institutions of security interests in the equity ownership of certain
casino-related entities, a $65.0 million credit facility agreement ("Credit
Agreement"), and an override agreement ("Override Agreement"). Pursuant to
the terms of the Override Agreement, lenders to Donald J. Trump and his
related entities ("Trump Entities") will defer principal and interest payments
on certain loans and will impose a five-year moratorium on enforcing claims
against Mr. Trump personally (subject to certain exceptions). Our review of
Petition No. 211003 was based on an analysis of draft documents and exhibits,
which management has represented are in substantially final form.
New Jersey Is An Equal Opportunity Employer
- 2 -
Overview
Presently, Mr. Trump and the Trump Entities have total debt outstanding
of approximately $3.4 billion. (Table II details the indebtedness of
Mr. Trump and the Trump Entities as of April 30, 1990.) Of this amount,
approximately $1.3 billion consists of first mortgage bonds issued to finance
Mr. Trump's acquisition and/or construction of the Plaza, Castle, and Taj
Mahal facilities in Atlantic City. These first mortgage bonds consist of the
following:
. $675.0 million related to Taj Mahal
. $351.8 million related to Castle
. $250.0 million related to Plaza
The Trump Entities also have approximately $2.1 billion of outstanding
indebtedness owed primarily to institutional lenders, of which $832.5 million
is personally guaranteed by Mr. Trump.
Mr. Trump and the Trump Entities are currently experiencing cash flow
difficulties due to, among other things, less than anticipated operating
results at Plaza, Castle, Taj Mahal, and the Trump Shuttle. In addition,
management indicated that certain recent financial developments have limited
Mr. Trump's and the Trump Entities' financial flexibility, including downturns
in the real estate market as well as limits on Mr. Trump's access to financial
markets. As shown in Table I on the following page, without giving effect to
the proposed Credit Agreement and Override Agreement, based on cash flow
projections provided by Mr. Trump and the Trump Entities, Mr. Trump faces
significant cash flow deficits from August 1990 through April 1991.
(Table III provides a more detailed projected cash flow schedule.)
- 3 -
DONALD J. TRUMP (A)
PROJECTED CASH FLOW ACTIVITY
PRE-CREDIT AND OVERRIDE AGREEMENTS
Table
($ in Thousands)
Begi nni ng
Endi ng
Monthly Cash
Cash Balance
Cash Balance
Month
(Deficit) Surplus
(Deficit)
(Deficit)
August 1990
$(H,756)
$ 10,091 (B)
$ (4,665)
September 1990
$(10,866)
$ (4,665)
$(15,531)
October 1990
$ (9,279)
$(15,531)
$(24,810)
November 1990
$ (9,758)
$(24,810)
$(34,568)
December 1990
$ 12,067
$(34,568)
$(22,501)
January 1991
$(17,828)
$(22,501 )
$(40,329)
February 1991
$ (8,182)
$(40,329)
$(48,511)
March 1991
$(11 ,417)
$(48,511)
$(59,928)
April 1991
$ (8,081)
$(59,928)
$(68,009)
1 These cash flow
deficits reflect Mr. Trump's
personal cash flow
deficits after
funding the operating activities and certain
debt service requirements of the
Trump Entities as well as covering Mr. Trump'
s personal expenses
. However,
these cash flow
deficits do not include past due debt maturities
of $540.5
million, or debt
maturities approximating $169.5 mi lion for the
nine months
ending April 30, 1991 .
(B) Actual as of July 31, 1990.
As shown in the preceding table, with the exception of December 1990,
Mr. Trump projects cash flow deficits each month through April 1991, ranging
from $8.1 million in April 1991 to $17.9 million in January 1991.
Consequently, for the nine months ending April 30, 1991, Mr. Trump forecasts a
cumulative cash flow deficit of $78.1 million, resulting in a negative cash
balance of $68.0 million at April 30, 1991. (Mr. Trump's December 1990 cash
flow surplus is primarily attributable to an anticipated distribution from
Plaza to Mr. Trump of $20.0 million, representing projected excess cash
generated by Plaza from July 1990 through November 1990. Consequently, this
$20.0 million cash distribution is dependent upon the operating results of
Plaza.) Although these monthly cash flow deficits reflect the net operating
results as well as debt service requirements of the Trump Entities, they do
- 4 -
not include past due debt maturities of $540.5 million (of which $240.5
million is personally guaranteed by Mr. Trump) nor debt maturities of $169.5
million for the nine months ending April 30, 1991.
Management indicated that if the proposed Override Agreement is not
executed, the non-payment of debt service will, under existing loan
agreements, provide a basis for related lenders to proceed against the
collateral securing such debt and, to the extent the debt is recourse, to Mr.
Trump personally, including his equity in Plaza, Castle, and Taj Mahal.
However, provisions contained in the Override Agreement, if it is executed,
would "cure" these potential defaults and avoid the commencement of
foreclosure proceedings against the individual defaulting entity and, to the
extent the debt is recourse, against Mr. Trump personally.
The cash flow difficulties also contributed to Trump Castle Funding,
Inc.'s inability to fund a June 15, 1990 required redemption of $22.7 million
in mortgage bonds related to Castle. Subsequently, on June 26, 1990, the
banks that are a party to the Credit Agreement loaned Mr. Trump $20.0 million
on an interim basis ("Interim Loan") in exchange for a thirty-day promissory
note from Mr. Trump and certain of his affiliates, the maturity from which has
been extended to August 17, 1990. Mr. Trump loaned the proceeds from the
Interim Loan to Castle ("Castle Loan"), which utilized the funds to make the
required redemption of Castle's mortgage bonds. The Castle Loan accrues
interest at the prime interest rate and is payable by Castle to Mr. Trump on
demand. (It is anticipated that a portion of the initial $40.0 million loan
contemplated under the Credit Agreement will be used to refinance the Interim
Loan. )
As a result of these financial difficulties, certain lenders have agreed
to restructure a portion of Mr. Trump's existing indebtedness. To accomplish
- 5 -
this restructuring, Mr. Trump and certain institutional lenders have
negotiated the terms of the Credit Agreement and the Override Agreement. 1
(The seven banks that are a party to the Credit Agreement are hereinafter
referred to as "Credit Agreement Lenders" and the nine banks that are a party
to the Override Agreement are hereinafter referred to as "Override Agreement
Lenders.")
Management indicated that the Credit Agreement and Override Agreement are
intended to provide a level of financial and operating stability to the Trump
Entities, primarily through the following:
. A $65.0 million credit facility ("Credit Facility"), the proceeds of
which can be used for the present business operations of the Trump
Entities in accordance with an approved business plan (Approximately
$20.0 million will be used to refinance the Interim Loan.)
. Deferral, for varying terms up to five years, of the payment of
interest on approximately $1.0 billion in existing institutional loans
covered by the Override Agreement
. Extension of principal maturity dates, for varying terms up to five
years, of approximately $1.7 billion in existing institutional loans
covered by the Override Agreement
. A five-year moratorium, subject to certain exceptions, on all actions
against Mr. Trump personally under certain existing institutional
loans covered by the Override Agreement
It should be noted that the proposed Credit Agreement and Override
Agreement do not impact the payment terms or collateral related to $2.4
billion of Mr. Trump's and the Trump Entities' secured debt, including the
following secured, casino-related debts outstanding as of April 30, 1990:
The following banks are a party to the Override Agreement: Bankers Trust Company; Citibank,
N.A.; Chase Manhattan Bank, N. A. ;. Manufacturers Hanover Trust Company; First Fidelity Bank,
N.A., New Jersey; National Westminster Bank U.S.A.; Midlantic National Bank; Marine Midland
Bank, N.A.; and Boston Safe Deposit & Trust Company. All of these banks are a party to the
Credit Agreement with the exception of Marine Midland Bank, N.A. and Boston Safe Deposit &
Trust Company.
_ 6 -
. Taj Mahal Hotel & Casino
.. $675.0 million first mortgage bonds secured by the Taj Mahal
facility
.. $50.0 million FF&E loan secured by the related furniture, fixtures,
and equipment
. Trump Plaza Hotel & Casino
.. $250.0 million first mortgage bonds secured by the Plaza facility
.. $16.1 million purchase money loan from Harrah's Atlantic City, Inc.
.. $13.0 million in loans from First Pennsylvania Bank and European
American Bank related to the purchase of land underlying the Plaza
facility
.. $9.0 million in various purchase money mortgages related to
Mr. Trump's purchase of property in Atlantic City
. Trump Castle Hotel & Casino
.. $351.8 million first mortgage bonds secured by the Castle facility
.. $50.0 million loan from Midlantic National Bank, N.A. related to
the construction of Castle's hotel tower
Override Agreement
Pursuant to the Override Agreement, the Override Agreement Lenders will
defer, for up to five years, the payment of interest on approximately $1.0
billion of debt. This interest deferral provision will result in cash relief
of approximately $7.4 million per month through April 1991, and significant
financial relief thereafter. The Override Agreement Lenders will also extend,
for up to five years, the principal maturity dates of certain debt covered by
the Override Agreement. This provision will result in short-term financial
benefits, as significant principal repayment requirements on debt covered by
the Override Agreement would otherwise occur in 1990, 1991, and 1992,
including the $540.5 million of indebtedness that has already matured.
(Table IV details the effects of the Override Agreement on the indebtedness of
7 -
Mr. Trump and the Trump Entities.) The interest and principal deferral
provisions contemplated by the Override Agreement cover several casino-related
debts, including the following:
. The maturity date of the $75.0 million loan from First Fidelity Bank,
N. A. to Trump Boardwalk Realty Corp., currently November 22, 1991, is
extended until June 30, 1993, subject to further extension to June 30,
1995. In addition, interest on this loan is payable only to the
extent cash payments are received under Hotel Corp.'s management
contract with Taj Mahal. (The proceeds from this loan were used to
fund Mr. Trump's capital contribution to Taj Mahal.)
. The maturity date of the $13.0 million working capital loan from
Midlantic National Bank, N.A. to Castle, which is currently payable on
demand, is extended to June 30, 1995. In addition, a portion of
interest is deferred.
. Principal and interest payments on the contingent $19.6 million letter
of credit obligation from National Westminster Bank U.S.A. are
deferred until June 30, 1995 (subject to draws).
In addition, in order to protect their interest in certain collateral,
certain of the Override Agreement Lenders will pay real estate taxes owed by
two Trump Entities, aggregating $5.1 million from July 1990 to April 1991.
The Override Agreement Lenders will also impose a five-year moratorium on
enforcing claims against Mr. Trump personally (subject to certain exceptions).
It is this provision that management believes is most beneficial in providing
Mr. Trump and the Trump Entities with the stability to permit them to operate
in an orderly manner as well as allow time for Mr. Trump to develop and
implement a long-term plan to address his current financial situation. As
previously discussed, Mr. Trump has personally guaranteed approximately $832.5
million of the indebtedness of the Trump Entities. Management believes that
under existing credit agreements, lenders holding such recourse indebtedness
could commence proceedings against Mr. Trump personally and obtain a judgement
which could be enforced against Mr. Trump's equity interests, including his
- 8 -
equity in Plaza, Castle, and Taj Mahal. The commencement of such actions
against Mr. Trump could have significant adverse effects on the Trump
Entities, including his casino hotel properties. These adverse effects
include a diversion of management's attention to such actions and adverse
publicity which could have a negative impact on the customer appeal of
Mr. Trump's casinos. Management indicated that the Override Agreement would
effectively remove that threat.
In consideration for the interest deferrals, principal repayment
extensions, and moratorium on the pursuit of claims against Mr. Trump
personally, the Override Agreement Lenders would obtain various additional
collateral, including security interests in the equity of Plaza, Castle, and
Taj Mahal. Specifically, the following lenders would be granted first
priority equity liens ("First Equity Liens") to secure existing casino-related
debt:
. First Fidelity Bank, N. A. would be granted a first priority lien on
Mr. Trump's ownership interests in Taj Mahal to secure its existing
$75.0 million loan to Trump Boardwalk Realty Corp. (This loan is
currently secured by various parcels of land in Atlantic City as well
as payments under Taj Mahal's management contract with Hotel Corp.)
. Midlantic National Bank would be granted a first priority lien on
Mr. Trump's ownership interests in Castle to secure its existing
unsecured $13.0 million working capital loan
. National Westminster Bank U.S.A. would be granted a first priority
lien on Mr. Trump's ownership interests in Plaza to secure its
existing $19.6 million unsecured contingent letter of credit
obligation related to Mr. Trump's purchase of land in Atlantic City
from Penthouse International, Ltd.
The Override Agreement Lenders would also be granted a third priority
equity lien on Mr. Trump's ownership interests in Plaza, Castle and Taj Mahal
to secure the deferred interest on loans subject to the Override Agreement
that are also recourse to Mr. Trump personally. (Second priority equity liens
would be granted to the Credit Agreement Lenders.)
_ 9 .
The Override Agreement Lenders would also be entitled to receive a
facility fee ("Facility Fee") equal to 10.0% of any residual net cash proceeds
of any sale, disposition, or refinancing of any casino asset or of any casino
equity sale. In the event that no such casino "capital events" occur, the
Override Agreement Lenders would, no later than June 30, 1995, be entitled to
a Facility Fee equal to 10.0% of the appraised value of each casino entity
minus certain debt amounts and other costs.
Credit Agreement
Pursuant to the Credit Agreement, the Credit Agreement Lenders will loan
Mr. Trump up to $65.0 million through June 28, 1993, subject to extension to
June 30, 1995. Borrowings under the Credit Facility may be used only in
accordance with business plans approved by the Credit Agreement Lenders and
will accrue interest at the prime interest rate plus 1.0 percentage point,
payable monthly. Mr. Trump must also pay the Credit Agreement Lenders, on a
quarterly basis, a commitment fee equal to 0.5% of the unused portion of the
Credit Facility, and he must pay Bankers Trust Company, as agent for the
Credit Agreement Lenders, a $250,000 fee on the date of the initial loan under
the Credit Agreement, and a $100,000 fee annually thereafter through the final
maturity date. Included in the $65.0 million Credit Facility is a $5.0
million letter of credit facility, which can be used for approved business
purposes of the Trump Entities. Interest on any letters of credit drawn
pursuant to the Credit Agreement will accrue at the prime interest rate plus
4.0 percentage points, payable on demand. In addition, Mr. Trump must pay, on
a quarterly basis, a non-refundable commission of 1.75% of the amount of any
letters of credit issued.
Pursuant to the Credit Agreement, the Credit Agreement Lenders will make
an initial loan ("Initial Loan") to Mr. Trump of $40.0 million, of which $20.0
- 10 -
million will be used to refinance the Interim Loan. The remaining $20.0
million will be used to pay closing costs and legal fees associated with the
Credit Agreement and Override Agreement, currently estimated at $5.0 million,
as well as for general corporate purposes, primarily the payment of accrued
accounts payable of various Trump Entities. (No proceeds from the Initial
Loan will be used to pay the Taj Mahal contractors.) Subject to certain
conditions, Mr. Trump is obligated to repay Credit Facility borrowings upon
the occurrence of certain "capital events." Such "capital events" include,
among other things, the sale or disposition by Mr. Trump of any assets or
equity interests collateralizing the Credit Agreement, the sale of any casino
assets or equity interests, and any refinancing of any casino-related
indebtedness. In addition, the Credit Agreement obligates Mr. Trump to cause
the Trump Entities to declare dividends or make distributions in an amount
such that no entity retains cash, with the following exceptions:
. Cash needed by the Trump Entities in the ordinary course of business
in accordance with approved business plans
. With respect to the casino entities, cash which is not permitted to be
distributed under existing casino bond indentures or cash which cannot
be distributed under regulations of the Casino Control Act or
resolutions of the Casino Control Commission
. Cash which is prohibited from being distributed under corporate law
After giving effect to allowable distributions from the Trump Entities, until
Mr. Trump satisfies certain collateralization conditions, Mr. Trump is
obligated to repay any Credit Facility borrowings, commencing in February
1991, in an amount equal to Mr. Trump's cash balances in excess of $10.0
million.
In consideration for the Credit Facility, the Credit Agreement Lenders
would obtain various securities, including the following:
- 11 -
. A second priority equity lien (subordinate to First Equity Liens) on
Mr. Trump's ownership interests in Plaza, Castle, and Taj Mahal
. A $25.0 million note payable to Mr. Trump from Taj Mahal
. A $2.0 million note payable to Mr. Trump from Castle
. The Trump Princess Yacht
. Mr. Trump's personal 727 aircraft
. Mr. Trump's interests in certain family-owned businesses
. Trump Tower residential space and commercial equity
. Mr. Trump's leasehold interest in tennis courts and air rights at
Grand Central Station in New York City
Financial Effects of the Credit Agreement and Override Agreement
Overall, the Credit Agreement and the Override Agreement, by providing
additional funds and deferring certain interest and principal payments,
provide a limited degree of short-term financial relief. However, Mr. Trump's
and the Trump Entities' continued financial stability is highly dependent on
the projected operating results of the Trump Entities. This is particularly
critical since approximately $1.6 billion in Trump indebtedness is not covered
by the Override Agreement, including $1.3 billion in casino-related first
mortgage bond debt, which has the following, upcoming debt service
requirements:
. $47.3 million interest payment on Taj Mahal's first mortgage bonds due
November 1990
. $18.4 million interest payment on Castle's first mortgage bonds due
December 1990
. $16.1 million interest payment on Plaza's first mortgage bonds due
December 1990
While management believes that the Credit Agreement and Override Agreement
will provide immediate financial benefits, we believe these benefits are
extremely limited since they do not address the significant upcoming debt
- 12 -
service requirements on the casino-related debt, among other things. In
addition, the financial effects of certain provisions of these agreements are
difficult to assess. As a result, we recommend that, at a minimum, management
address the following issues at the hearing scheduled to commence on
August 16, 1990.
. What will be the impact on the Trump Entities, specifically Mr.
Trump's Atlantic City casinos, if projected operating results (as
provided by Mr. Trump and the Trump Entities) are not substantially
met?
. What will be the impact on the Trump Entities and Mr. Trump's Atlantic
City casinos if Plaza is unable to fund the projected $20.0 million
distribution in December 1990?
. What impact and limitations will the Credit Agreement and the Override
Agreement have on Mr. Trump's Atlantic City casinos should there be a
default and/or refinancing of the first mortgage bonds of Plaza,
Castle, and/or Taj Mahal?
. In what ways do the Credit Agreement and the Override Agreement
improve the financial flexibility of the Atlantic City casinos?
Conversely, in what way do the Credit Agreement and the Override
Agreement limit the financial flexibility of the casinos?
. What new risks are placed on Mr. Trump's Atlantic City casinos as a
result of the Credit Agreement and Override Agreement, particularly as
to the occurrence of financial problems or events of default at the
noncasino-related Trump Entities (i.e., the Trump Shuttle, Plaza
Hotel, etc.), as well as defaults under the Credit Agreement and
Override Agreement themselves?
. How much time do the Credit Agreement and Override Agreement provide
Mr. Trump and the Trump Entities to develop and then implement a
long-term plan to address his current financial situation? What are
Mr. Trump's options (or what is being planned) should Plaza, Castle,
or Taj Mahal be unable to fund their debt service requirements?
. Why are the Override Agreement Lenders entitled to the Facility Fee?
What is the financial impact on Mr. Trump and the Trump Entities of
such a fee? Why will the payment of such a fee not have an adverse
impact on the Trump Entities' financial position? What impact and
limitation will the requirement to pay a Facility Fee have on a
refinancing of the first mortgage bonds of Plaza, Castle, and/or Taj
Mahal in light of the fact that a Facility Fee must be paid upon any
sale, disposition, or refinancing of any casino asset and from any
casino equity sale?
. What impact will the requirement to repay Credit Facility borrowings
have on Mr. Trump's and the Trump Entities' financial flexibility
- 13 -
since these borrowings must be repaid upon the sale or disposition by
Mr. Trump of any assets or equity interests collateralizing the Credit
Agreement, upon the sale of any casino assets or equity interests, and
upon any refinancing of casino-related indebtedness?
Why is First Fidelity Bank, N.A. getting a first priority lien or Mr.
Trump's ownership interests in Taj Mahal to secure a $75.0 million
loan to Trump Boardwalk Realty Corp.?
Why is National Westminster Bank U.S.A. getting a first priority lien
on Mr. Trump's ownership interests in Plaza to secure an obligation
related to Mr. Trump's purchase of land in Atlantic City from
Penthouse International, Ltd.?
Why are the Credit Agreement Lenders and Override Agreement Lenders
getting equity liens on Mr. Trump's ownership interests in Plaza,
Castle, and Taj Mahal when the majority of debts covered by these
agreements are not direct obligations of the casinos?
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